Close to 70% Consumption of Barites Accounted for by Oil & Gas Industry, Reveals… – Press Release

United States, Rockville, MD, May 17, 2022 (GLOBE NEWSWIRE) — As per a new report on Barites by Fact.MR, a market research and competitive intelligence provider, the global market is projected to expand at a CAGR of around 3.7% and reach a market valuation of US$ 2.35 Bn by 2032-end, attributed to growing demand from the oil & gas and chemical sectors.

Historically, the Barites market has been driven by its consumption in the oil & gas industry across developed countries, with customers willing to buy barite not only industrial purposes but also for medical, plastics, rubber, etc. Barite sales accounted for approximately 0.5% share of the global mineral market in 2021, and due to its increasing application across various sectors, this market share is predicted to increase to 0.7% – 1% by 2032.

Backward supply chain integration from manufacturers to suppliers would assist barite suppliers improve quality, enhance profit margins, and gain a competitive edge. This will allow corporations to use proprietary technology to produce higher-grade baryte, thereby improving its quality at a lower cost.

Browse in-depth TOC on “Barytes Demand”
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Key Takeaways from Market Study

  • By end user, oil & gas drilling is projected to provide value worth US$ 1.65 Bn over the forecast period.
  • The chemical end-use industry is projected to expand at a CAGR of around 3.5%.
  • Other end users are projected to increase at a CAGR of around 2.8% over the decade.
  • North America is projected to capture around 25.7% of the global Barites market share by 2032, with Asia Pacific holding around 41.8%.
  • Majority of barite deposits are found in Georgia, Nevada, and Missouri. As the U.S. stands as one of the market leaders in oil & gas drilling, the use of this material is also high.

When barite comes in contact with iodine, it creates certain reactions that can help obstruct radiation in